The torque converter market is estimated to grow at a CAGR of 5.78% from 2017 to 2025 and is projected to reach USD 9.88 Billion by 2025. The growth of the torque converter market is driven by the large penetration of Automatic Transmission (AT) in North America and increasing vehicle production. Besides, an increase in the demand for luxury vehicles is expected to boost the demand for automatics which in turn is expected to boost the demand for torque converters.
The major manufacturers of torque converters have adopted the strategies of new product development and collaborations & partnerships to gain traction in the torque converter market. While new product development helps the company to have a competitive advantage in terms of technology, collaborations & partnerships help it to formulate a better business strategy by enabling a strong global footprint.
The key market companies in the torque converter market are Schaeffler (Germany), ZF (Germany), Aisin (Japan), Valeo (France), and BorgWarner (US).
Scheffler’s strong product portfolio and collaboration with Original Equipment Manufacturers (OEMs) have given it a top spot in the torque converter market. The company’s key strengths are its R&D and expansion of production facilities. The company employs varied strategies of new product development and expansion to maintain a competitive edge. In September 2017, Scaeffler launched ITC torque converter. It is a compact torque converter as the clutchplate has been integrated with the turbine resulting in less vibrations and improved efficiency. Also, in the same month, the company decided to expand its production facility in Halle, Germany. The new facility was developed to provide transmission components, torque converters, and engine components for European OEMs.
ZF has a strong presence in the North American market. Expansions and collaborations have been the company’s main strategies for gaining traction in the torque converter market, followed by new product development. In September 2016, the company launched Sachs torque converters for the aftermarket. They produce less noise and are light weight compared to conventional torque converters. ZF Group acquired TRW Automotive Holdings in May 2015 for USD 13.5 billion. This acquisition has increased ZF’s portfolio of driveline, transmission, braking, and steering components. In April 2017, the company expanded its engineering center in Shanghai, China for its Asian markets. The facility was established for the R&D of driveline and chassis technology for passenger and commercial vehicles.
Torque Converter Market by Transmission Type (AT, CVT, and DCT), Component (Clutch Plate, Damper, Impeller, Turbine, and Stator), Vehicle (Passenger Car and Commercial Vehicle), Hybrid Vehicle (HEV and PHEV), Aftermarket, and Region - Global Forecast to 2025
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